The Italian leader in composite and bespoke yachts has just posted a stockmarket record. Ferretti specialises in large luxury vessels: its sales are built on yachts under 30 meters long (39% of revenue), but it is boats over 30 meters (40%) and superyachts (15%) that are seeing the strongest demand. Europe remains Ferretti's leading market with 44% of sales (down 9% y-o-y), ahead of the MEA region (Middle East and Africa), which is surging (+38%) and accounts for 30% of revenue. The Americas follow with 24% of revenue.
In 2025, revenue rose by 5%, driven mainly by bespoke yachts (+46.7%) and superyachts. The company is in robust financial health, with EBITDA margins rising steadily from 12% in 2018 to 16.5% in 2025.
Revenue has been climbing steadily for over 10 years, a clear illustration of the company's ability to smooth cycles in a historically volatile sector. Thanks to this consistency, Ferretti has become the most highly capitalised company in its industry, with a market value of €1.55bn. The stock is up 30% over one year, unlike its direct rival SanLorenzo (-2%). Other players, such as Catana Group or Bénéteau, meanwhile, are in freefall.
A bet on prestige
The shift towards the ultra-high end has strengthened Ferretti's resilience in a pressured market. The group is taking market share from competitors and attracting a new clientele, notably a wave of tech and crypto millionaires seeking differentiation. The real engine is no longer traditional leisure boating but the global ultra-wealthy customer base. Against a backdrop of a slowdown in "aspirational” boating, Ferretti relies on clients who are less sensitive to economic cycles, whose purchasing decisions depend more on the valuation of their assets than on policy rates.
A 30% standoff
Historically, the Chinese group Weichai has been the majority shareholder since 2012, with nearly 75% of Ferretti International Holding. The listings in Hong Kong (2022) and then Italy (2023) helped raise the funds needed to modernise the business. Since 2023, a Czech group, KKCG, has invested to reach 14.5% of the capital in December 2025 and is now making a partial offer to increase its stake to 29.9% (without crossing the 30% threshold that would trigger a mandatory takeover bid). The bid will not be backed by Weichai, which is experiencing some tensions with chief executive Alberto Galassi.
KKCG has not said it wants to interfere with board decisions. Caution is warranted, however: if tensions emerge among shareholders, Italy's "golden law” could be used to protect Ferretti's interests, as was recently the case for Pirelli, UBS notes in a recent report.
This shareholder agitation comes on top of solid fundamentals, with a buoyant order book and earnings expected to rise, fuelling both optimism and questions over capital allocation under a restrictive Italian regulatory framework.
Heavy expectations for the leader
Ferretti's dominant position carries high expectations. Valuation is above the historical average, with a P/E of 14.68x. The company has started 2026 well, but US tariffs are causing some delays in orders.
Ferretti no longer sails to the rhythm of industrial cycles, but to that of global wealth. The strength of the order book and the continuation of the ultra-luxury strategy are decisive in justifying the current valuation. Judging by the battle to build stakes, the stock remains attractive despite a high P/E. The annual general meeting on 25 May and the results announcement on 13 February will round out the picture.
